BRISTOL MYERS SQUIBB CO
BMY evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for BMY—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · BMY
Bristol Myers Squibb (BMY) is a global biopharmaceutical company focused on discovering, developing, and delivering innovative medicines in oncology, hematology, immunology, and cardiovascular disease, with a pipeline of over 20 assets and recent launches including Cobenfy and Opdivo Qvantig.
Key risk: High debt burden
BioSniper Score
Based on 6 of 6 signals
Market Cap
$136.00B
Cash Runway
—
Lead Asset
belatacept (Phase 3)Next Catalyst
Phase2_Start · Aug 31, 2026Financial data as of Jun 30, 2026.
Tracking 20 pipeline candidates · 218 clinical trials · 65 catalysts · 18 FDA decisions for BRISTOL MYERS SQUIBB CO.
Bristol Myers Squibb (BMY) is a global biopharmaceutical company focused on discovering, developing, and delivering innovative medicines in oncology, hematology, immunology, and cardiovascular disease, with a pipeline of over 20 assets and recent launches including Cobenfy and Opdivo Qvantig.
- Cash and equivalents of $8,722M, total revenue of $12,973M, net income of $3,317M, shareholders' equity of $18,473M, and total debt of $43,629M as of 2026-06-30 [sec].
- Launched 12 new medicines since 2019, including Cobenfy (first-in-class schizophrenia treatment) and Opdivo Qvantig (subcutaneous PD-1 inhibitor) [sec · filed 2025-03-26].
- Pipeline includes over 20 assets across cell therapies, protein degraders, ADCs, and radiopharmaceuticals [sec · filed 2026-03-25].
- Completed acquisitions of Mirati Therapeutics, RayzeBio, and Karuna Therapeutics, and entered a global strategic collaboration with SystImmune [sec · filed 2025-03-26].
- Generated $10.9B in cash flow from operating activities and increased dividend for the 16th consecutive year in 2025 [sec · filed 2026-03-25].
What works
- Strong financial position with $8.7B cash and $12.97B revenue as of 2026-06-30, supporting investment in growth drivers [sec].
- Broad pipeline with over 20 assets and multiple upcoming Phase 3 readouts in 2026, including in neuroscience and oncology [sec · filed 2026-03-25].
- Successful launch of Cobenfy and Opdivo Qvantig, with Cobenfy annualizing over $1 billion [sec · filed 2026-03-25].
- Strategic business development, including acquisitions and partnerships, to strengthen cell therapy and radiopharmaceutical portfolios [sec · filed 2026-03-25].
What to weigh
- High total debt of $43.6B as of 2026-06-30, which may constrain financial flexibility [sec].
- Upcoming loss of exclusivity on multiple products, creating a period of transition [sec · filed 2026-03-25].
- Reliance on pipeline success to offset revenue declines from legacy products facing patent expiries [sec · filed 2026-03-25].
From the filings
Quoted directly from source documents.
Cobenfy and Qvantig are progressing well, with Cobenfy annualizing over $1 billion
“Cobenfy and Qvantig , our latest launches, are progressing well. The Legacy Portfolio continues to fortify our financial position”
SEC filings · March 25, 2026
Pipeline includes over 20 assets
“pipeline, which includes over 20 assets”
SEC filings · March 25, 2026
2026 marks a data-rich period with anticipated readouts
“2026 marks the start of a data-rich period with anticipated readouts that have the potential to deliver significant value to patients and to the company.”
SEC filings · March 25, 2026
Catalyst timeline
- 2026-08-31 · Phase 2 Start: zolacabtagene autoleucel (CD19-targeted NEX) — Initiation of a Phase 2 study for this cell therapy candidate in an undisclosed indication.
- 2026-09-15 · Phase 2 Start: undisclosed program — First-in-human Phase 1/2a study to evaluate safety, tolerability, and PK.
- 2026-09-16 · Phase 1 Start: mass balance study — Phase 1 study to evaluate mass balance, metabolism, excretion, and PK of [14C]Na.
- 2026-10-05 · Phase 3 Topline: relapse prevention study — Phase 3 topline data for a randomized, double-blind, placebo-controlled relapse prevention study.
- 2026-10-30 · Phase 2 Start: monotherapy study — Phase 2 start for a randomized, double-blind, placebo-controlled monotherapy study.
- 2026-11-01 · Phase 3 Topline: efficacy and safety study (1) — Phase 3 topline data for a randomized, double-blind, placebo-controlled efficacy and safety study.
- 2026-11-02 · Phase 3 Topline: efficacy and safety study (2) — Phase 3 topline data for a second randomized, double-blind, placebo-controlled efficacy and safety study.
- 2026-11-30 · Phase 3 Topline: adjuvant nivolumab study — Phase 3 topline data for a randomized, double-blind study of adjuvant immunotherapy with nivolumab versus placebo.
Risks & what to watch (3)›
Key risks
- High debt burden — Total debt of $43.6B as of 2026-06-30 may limit financial flexibility and increase interest costs [sec].
- Loss of exclusivity on products — Upcoming loss of exclusivity on multiple products creates a period of transition and revenue risk [sec · filed 2026-03-25].
- Pipeline execution risk — Success depends on pipeline readouts and approvals to offset legacy revenue declines [sec · filed 2026-03-25].
What to watch
- Phase 3 topline readouts in neuroscience and oncology scheduled for late 2026, including for Cobenfy expansion and nivolumab adjuvant studies [catalyst_timeline].
- Progress of cell therapy pipeline, including zolacabtagene autoleucel Phase 2 start in August 2026 [catalyst_timeline].
- Ability to manage debt reduction while maintaining dividend and investment grade rating [sec · filed 2025-03-26].
- Commercial uptake of Cobenfy and Opdivo Qvantig as key growth drivers [sec · filed 2026-03-25].
Sources: SEC filings · Generated August 29, 2026 · How we verify sources →
Run BRISTOL MYERS SQUIBB CO through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available BRISTOL MYERS SQUIBB CO facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 2.93 · 0% dilution
Lead: Approved
20 candidates
65 upcoming, next in ~1d
0 buys · 2 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
2,517
Total value held
$97.90B
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 264,640,480 | $16.05B |
| blackrock, inc. | 171,682,888 | $10.41B |
| state street corp | 98,564,914 | $5.98B |
| charles schwab investment management inc | 61,115,373 | $3.71B |
| geode capital management, llc | 55,286,174 | $3.34B |
| vanguard portfolio management llc | 46,230,155 | $2.80B |
| bank of america corp /de/ | 32,586,981 | $1.98B |
| aqr capital management llc | 29,631,105 | $1.80B |
| morgan stanley | 29,198,554 | $1.77B |
| ameriprise financial inc | 26,470,718 | $1.61B |
Showing top 10 of 2,517 institutional holders of BRISTOL MYERS SQUIBB CO. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 1.5%
- Days to cover
- 3.1
- Shares short
- 31,330,595
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
BMY short interestGovernance
Frequently asked questions
What is the AI investment thesis for BRISTOL MYERS SQUIBB CO?
Bristol Myers Squibb (BMY) is a global biopharmaceutical company focused on discovering, developing, and delivering innovative medicines in oncology, hematology, immunology, and cardiovascular disease, with a pipeline of over 20 assets and recent launches including Cobenfy and Opdivo Qvantig.
What is BRISTOL MYERS SQUIBB CO's lead drug candidate?
BRISTOL MYERS SQUIBB CO's most advanced tracked candidate is belatacept (Phase 3) for Renal Allograft Recipients.
What is BRISTOL MYERS SQUIBB CO's next catalyst?
BRISTOL MYERS SQUIBB CO's next tracked catalyst is a Phase2_Start event — "Phase 2 Start: A Phase 2, Multicenter, Open-Label Study of Zolacabtagene Autoleucel (BMS-986353), CD19-Targeted NEX" — expected August 31, 2026.
Who is the CEO of BRISTOL MYERS SQUIBB CO?
Dr. Christopher S. Boerner Ph.D. is the chief executive officer of BRISTOL MYERS SQUIBB CO (BMY).
Where is BRISTOL MYERS SQUIBB CO headquartered?
BRISTOL MYERS SQUIBB CO (BMY) is headquartered in Princeton, NJ, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.